Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2016 |
Sep. 30, 2015 |
| Operating Activities |
|
|
| Net loss |
$ (17,507)
|
$ (8,334)
|
| Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
44,103
|
38,985
|
| Amortization of deferred financing charges |
870
|
853
|
| Amortization of deferred lease costs and lease intangibles |
(129)
|
987
|
| Deferred income |
15
|
(308)
|
| Lease incentives |
5,858
|
|
| Write-off of deferred loan costs and prepayment premiums |
|
973
|
| Loss (Gain) on disposition of assets, net |
53
|
(6,247)
|
| Provision for bad debts |
1,214
|
873
|
| Stock-based compensation expense |
7,482
|
6,745
|
| Changes in operating assets and liabilities: |
|
|
| Accounts receivable |
(231)
|
(3,240)
|
| Accounts receivable from affiliates |
|
2
|
| Property tax and insurance deposits |
1,189
|
35
|
| Prepaid expenses and other |
(2,112)
|
2,076
|
| Other assets |
(462)
|
(324)
|
| Accounts payable |
(1,053)
|
(1,853)
|
| Accrued expenses |
(1,586)
|
2,683
|
| Federal and state income taxes receivable/payable |
(97)
|
(356)
|
| Deferred resident revenue |
(784)
|
(1,526)
|
| Customer deposits |
(249)
|
451
|
| Net cash provided by operating activities |
36,574
|
32,475
|
| Investing Activities |
|
|
| Capital expenditures |
(47,311)
|
(23,665)
|
| Cash paid for acquisitions |
(109,750)
|
(124,460)
|
| Proceeds from disposition of assets |
32
|
43,460
|
| Net cash used in investing activities |
(157,029)
|
(104,665)
|
| Financing Activities |
|
|
| Proceeds from notes payable |
112,492
|
150,034
|
| Repayments of notes payable |
(12,881)
|
(78,705)
|
| Increase in restricted cash |
(133)
|
(914)
|
| Cash payments for capital lease and financing obligations |
(989)
|
(697)
|
| Cash proceeds from the issuance of common stock |
66
|
42
|
| Excess tax benefits on stock options exercised |
(27)
|
7
|
| Purchases of treasury stock |
(2,496)
|
|
| Deferred financing charges paid |
(1,830)
|
(2,099)
|
| Net cash provided by financing activities |
94,202
|
67,668
|
| Decrease in cash and cash equivalents |
(26,253)
|
(4,522)
|
| Cash and cash equivalents at beginning of period |
56,087
|
39,209
|
| Cash and cash equivalents at end of period |
29,834
|
34,687
|
| Cash paid during the period for: |
|
|
| Interest |
30,056
|
24,707
|
| Income taxes |
$ 564
|
1,028
|
| Non-cash transactions: |
|
|
| Assumption of debt related to disposition of assets (Sedgwick Sale Transaction) |
|
$ 6,764
|